Posted 6 months ago | by @devadmin
Early Bitcoin investors and Gemini exchange founders, Tyler and Cameron Winklevoss stated in a recent podcast with Peter McCormack that Bitcoin (BTC) will eventually hit $500,000 per coin.
“The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler told McCormack during the Oct. 23 podcast episode. His thesis takes the market cap of gold and theoretical central bank allocation into consideration. “I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started,” Cameron expressed.
MicroStrategy and Square recently bought significant amounts of Bitcoin for their treasury reserves. The Winklevoss twins stated this seems to indicate that the market is beginning to shift and soon we will see other companies doing the same. “What if every Fortune 100 or 500 company does that, what if central banks start doing that?” Cameron queried. “It hasn’t even started,” he added, analogizing that Bitcoin is in the bottom of the first in a nine-inning baseball game.
“Wall Street is not here yet. Institutions aren’t in Bitcoin right now. It’s been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in it from our perspective, but it’s starting to happen.”
The Winklevoss twins recently wrote in an article titled: “The Case for $500K Bitcoin”, that “from July 2009 up to the pandemic, the line item for mortgage-backed securities on the Fed’s balance sheet grew approximately 3x from $545 billion to $1.6 trillion. Similarly, the book-entry for Treasurys with a maturity date of greater than five years grew almost 3x from $315 billion to $872 billion. Together, these assets represent $1.6 trillion dollars printed out of thin air.”
The Winklevoss twins go on to state that just the recent moves by the Fed due to the pandemic cause hyperinflation.
“Examining The Fed’s balance sheet uncovers that it added $344 billion more mortgage-backed securities and $820 billion more long-term Treasurys (i.e., debt monetization) from February 2020 to July 2020. In other words, of the $3 trillion increase, $1.1 trillion was printed. To put this into perspective, the Fed printed two-thirds as much money in the last 6 months as it did over the prior 11 years.”
Bitboy Crypto believes that Bitcoin will go to $225K, that’s a conservative evaluation compared to the Winklevoss twin’s prediction. You can watch Bitboy explain in the video below!
Bitcoin is currently trading at [FIAT: $13,043.22] UP +1.0% in the last 24 hours according to Coingecko at the time of this report.